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Cable Update (GBPUSD)

  • #184,261
  • Nov 20, 2009 12:59pm Nov 20, 2009 12:59pm
Quoting hipcio
May I ask Mal,
for how long have You been using maket profile and what is the main use for You ( in short and simple words)

Thank You
Peter

well

1) some use daily pivots / weekly pivots etc etc but what better way to tell you where support / resistance is than a high volume pivot line . A chart that shows where the largest transactions form buyers to sellers has really occurred
2) I use value area trading . If price is trading below the value than intraday I will ONLY play shorts , oppsoite for if price is trading above prior days value area
3) within todays value area you can play bounces off lower and upper value areas ....

I use esignal mostly for charting , trade about 3 hour in US session 5 am to 8 am pst, then if I leave trade on I monitor it thru mt4

chart below shows a really great (almost 90% sure of working out ) trade set up ...even if only for 20 pip , this is how poc , high volume pivots and vsa all come together .. as someone pmed me today I make it look easy , but anyone can learn this stuff

Attached Image (click to enlarge)
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Blogging daily now at www.volume.zone
  • #184,262
  • Nov 20, 2009 1:00pm Nov 20, 2009 1:00pm
GBP/USD now encountering STRONG resistance at 1.6500...developing strategies now to trade off of this key resistance level...comments?...agree?
  • #184,263
  • Nov 20, 2009 1:22pm Nov 20, 2009 1:22pm
Quoting malcolmb14
well

1) some use daily pivots / weekly pivots etc etc but what better way to tell you where support / resistance is than a high volume pivot line . A chart that shows where the largest transactions form buyers to sellers has really occurred
2) I use value area trading . If price is trading below the value than intraday I will ONLY play shorts , oppsoite for if price is trading above prior days value area
3) within todays value area you can play bounces off lower and upper value areas ....

I use esignal mostly for charting , trade about...
Yes, it is really interesting I will copy it to think it over tomorrow,
Thank You,
two more questions,
- is there a simple correlation between volume and volatility ?
- if I well understood You need esignal to have the volume feed?

excuse if the answers are obvieus but my English is not sufficient sometimes

Thank You
Peter
Jesus Christ is my only Lord !
  • #184,264
  • Nov 20, 2009 1:43pm Nov 20, 2009 1:43pm
very uncertain of ES direction now ..

seems 1087 is accumulation if htis is this case then we could see up move thru next week

today is low volume test of that critical 1087 zone with a doji .... seems maybe a long , but am not holding anything overnight

This going up monday maybe the 200 pip wave i was looking for on GU off 1.6460

Attached Image (click to enlarge)
Click to Enlarge Name: chart04a.gif Size: 23 KB
Blogging daily now at www.volume.zone
  • #184,265
  • Nov 20, 2009 2:48pm Nov 20, 2009 2:48pm
Quoting malcolmb14
very uncertain of ES direction now ..

seems 1087 is accumulation if htis is this case then we could see up move thru next week

today is low volume test of that critical 1087 zone with a doji .... seems maybe a long , but am not holding anything overnight

This going up monday maybe the 200 pip wave i was looking for on GU off 1.6460

Attachment
Very good eye, Mal. I agree with you. I think the market would be trending up on Monday morning Asia .. cool
  • #184,266
  • Nov 20, 2009 3:07pm Nov 20, 2009 3:07pm
Quoting mktjong
Very good eye, Mal. I agree with you. I think the market would be trending up on Monday morning Asia .. cool
http://www.zerohedge.com/article/ice-cancels-dxy-trades-after-impossible-action-moves-index-9-higher-plunge-enforcement-team-

sign of things to come .. and I thought it was just an odd data spike when DX moved up 9% in minutes
Blogging daily now at www.volume.zone
  • #184,267
  • Nov 20, 2009 3:38pm Nov 20, 2009 3:38pm
Quoting malcolmb14
very uncertain of ES direction now ..

seems 1087 is accumulation if htis is this case then we could see up move thru next week

today is low volume test of that critical 1087 zone with a doji .... seems maybe a long , but am not holding anything overnight

This going up monday maybe the 200 pip wave i was looking for on GU off 1.6460

Attachment
hey hey malc, whats the rsx indicator u r using on ur chart, what settings are the 2 lines and does it come with meta4? Cheers fellow
  • #184,268
  • Nov 20, 2009 3:44pm Nov 20, 2009 3:44pm
by the way, the monthly is shapin up a pin..

HHrrmm, might sell big time next week or next few weeks if it goes near 1.70 for @ least 1500 pips.
  • #184,269
  • Nov 20, 2009 5:22pm Nov 20, 2009 5:22pm
Quoting skerdi-meta
by the way, the monthly is shapin up a pin..

HHrrmm, might sell big time next week or next few weeks if it goes near 1.70 for @ least 1500 pips.
Can you please attach the picture of your view? I dont get what you mean by the monthlyy is shapin up a pin..

Thanks
  • #184,270
  • Nov 20, 2009 5:31pm Nov 20, 2009 5:31pm
Good Evening,

I managed the nice short on the GBP/USD which netted me 114 pips of holiday money for me http://cdn.forexfactory.com/images/s.../yim/happy.gif http://cdn.forexfactory.com/images/s.../yim/happy.gif

I have just uploaded a video review of the trade:

Inserted Video


Please comment / rate the video as it helps others learn. As always if you have any questions then please pm / email me!

See you in 3 weeks! Happy Holidays!

Cheers WG
  • #184,271
  • Nov 21, 2009 12:31am Nov 21, 2009 12:31am
Hello Malcolm
can you suggest your opinion for gbpusd in the monday asian trading session.
are you on skype ? i need to discuss a proposal
thanks
samer

Quoting malcolmb14
http://www.zerohedge.com/article/ice-cancels-dxy-trades-after-impossible-action-moves-index-9-higher-plunge-enforcement-team-

sign of things to come .. and I thought it was just an odd data spike when DX moved up 9% in minutes
  • #184,272
  • Nov 21, 2009 4:35am Nov 21, 2009 4:35am
Wanna try a new things...pls go n visit this link

http://www.forexfactory.com/showthread.php?t=207582



  • #184,273
  • Nov 21, 2009 6:47am Nov 21, 2009 6:47am
Possible trades:

Short GBPJPY first target 146.34 (high probability trade, possible gap down)
Possible long EURCAD on signal (possible gap up)
All USD pairs in nowhere land (stand aside)
When life gives you lemons, make lemonade
  • #184,274
  • Nov 21, 2009 10:02am Nov 21, 2009 10:02am
Hi Mal,

on that chart is the same market profile indicator or its another tool ?

MT4 ?

Thanks.

Best,
Tom

Quoting malcolmb14
well

1) some use daily pivots / weekly pivots etc etc but what better way to tell you where support / resistance is than a high volume pivot line . A chart that shows where the largest transactions form buyers to sellers has really occurred
2) I use value area trading . If price is trading below the value than intraday I will ONLY play shorts , oppsoite for if price is trading above prior days value area
3) within todays value area you can play bounces off lower and upper value areas ....

I use esignal mostly for charting , trade about 3 hour...
  • #184,275
  • Nov 21, 2009 10:44am Nov 21, 2009 10:44am
Quoting skerdi-meta
by the way, the monthly is shapin up a pin..

HHrrmm, might sell big time next week or next few weeks if it goes near 1.70 for @ least 1500 pips.

This is confusing.

If your basing a short on the monthly shaping up to be pin, and price went back to 1.7, then the monthly pin would be negated and become invalid, at which time a short may not be the best thing to do.
  • #184,276
  • Nov 21, 2009 10:57am Nov 21, 2009 10:57am
Quoting alex1976
This is confusing.

If your basing a short on the monthly shaping up to be pin, and price went back to 1.7, then the monthly pin would be negated and become invalid, at which time a short may not be the best thing to do.
Not a forever long, nor short...As I must seem to clarify this, almost every time I post...But, I must agree with you here.

If you want to use candlestick formations, it would be best to use them in the proper context, like at the end of the cycle. If it is a monthly candle formation you are looking at, why guess the candle before its completed?

Would you do this on any other time frame?

Long...short...The range of price has made it possible to profit in both directions, from hourly to daily.

Personally, this is why I choose the shorter time frames, but hey, that is just me...

In like a lamb, out like a lion.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #184,277
  • Nov 22, 2009 3:26am Nov 22, 2009 3:26am
My daily chart - weekly & 4 hour charts on my blog
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  • #184,278
  • Edited 12:24pm Nov 22, 2009 11:54am | Edited 12:24pm
I am posting this, not as a hindsight play, or to say I played from top to bottom, but more over to give an overall review of the plays, including ranges, and complete with the strategy that I use.

Depending on the amount of time you spend in market, or how diligent you are with your trading, it can still be easy to get a headfake long on a short chart and find yourself trapped in a position, or vice versa. Counter trend trading is not the lesson that I hope to show, though when played properly, it can allow you to take whatever time frame that you are in, jump into a play for a few pips and continue on with the major. (not recommended)

Using Moving averages as support and resistance instead of ambiguous trend lines and targets based off of previous performance can allow you to scalp on the shorter time frames and can also allow you to set actual targets for longer terms based on longer time frame charts.

Using both MACD and OSMA though they work pretty much the same, will help dictate the strength of the play and allow you to play in the safety zones. When they confirm each other, positive or negative, and again depending on the timeframe, this will hopefully show you not only the direction but allow you to set more accurate support and resistance ranges.

MACD/OSMA standard settings
SMA 24 Red Solid
EMA 200 Solid Yellow
EMA 55 Dotted White
EMA 600 Dotted Yellow

The play...The daily (not shown) has a MACD above zero and OSMA below Zero, dictating a correction in the daily play. When the 4 hour crossed below SMA24, I assumed a bear chart, but because of playing off shorter time frames still played both directions using all of the above indicators as direction and strength.
4HR, OSMA negative, below 24SMA, impending doom for long trades. Top of the chart showing 600 EMA as resistance.
As the rest of the time frames came into line, or all the other ducks lined up, (price dips below the 24SMA, MACD and OSMA went negative) we seen the fall.

PRICE POINT ENTRY.
As the same indicators hold true for all time frames, the price entry can be taken off of the 1m chart. Everything corrects so as we see a cross above the 24SMA on the 1m, hold for entry until we see the cross down below. Conformation in the shorter time frames can help you get into the best possible position.

These are safety range plays. Guessing tops and bottoms is the fools game.

Hope this helps out with weeks to come.

Trade Safe.

One last thing to add...Don't assume crosses, wait until they happen. Cross, breach and hold on all time frames is the directional key.
M
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #184,279
  • Nov 22, 2009 2:01pm Nov 22, 2009 2:01pm
Quoting alex1976
This is confusing.

If your basing a short on the monthly shaping up to be pin, and price went back to 1.7, then the monthly pin would be negated and become invalid, at which time a short may not be the best thing to do.
sorry 2 get back so late (the weeekend),,
here's the monthly shaping up a pin

and the weelky dropping after a doji and the overgought levels
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  • #184,280
  • Nov 22, 2009 2:41pm Nov 22, 2009 2:41pm
Dears,
can anyone please upload a reliable Market Profie indicator?

Thanks in advance
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